Steve Ashley and Chris Fleming have officially started at Nomura, three months after leaving the Royal Bank of Scotland (see Profit & Loss, March 2010). Ashley has been appointed global head of rates and Fleming as global head of rates sales.
Ashley is based in Tokyo and is responsible for the bank’s global flow and rates products. At RBS, he was responsible for global delta interest rates and flow credit trading. He spent six years at RBS building its rates business and overall has more than two decades of experience in rates trading with senior roles at UBS and Credit Suisse. He reports to Tarun Jotwani, Nomura’s head of global fixed income.
Fleming is based in London and reports locally to Kieran Higgins and Georges Assi, co-heads of fixed income EMEA, and globally to Ashley. At RBS, he was European head of interest rate sales, co-European head of flow credit sales and European head of FX flow and futures. Prior to this, he also worked at UBS as head of all liquid product sales, government and flow derivatives for Europe.
“Nomura has achieved swift and notable success in building a strong and client focused international interest rates business to complement its dominant foothold in Japan,” says Jotwani. “Over the past 18 months, the rates business in Europe has grown into one of the most significant units within the organisation. We have also been developing a full-scale business in the US with key hires across all products and functions. Now is the perfect time to consolidate our rates operation under a focused and global leadership framework.”